Bitcoin on the USDT market pair broke out of an 86-day downtrend from a descending broadening wedge, looking for +30% in price action from entry at retest levels around 81k - 79k with a final upside target at the apex of the wedge at 105k-110k
A 4-hour close below 78k - 77k will invalidate this setup.
A 4-hour close below 78k - 77k will invalidate this setup.
Note
How I'm trading this? The plan currently is to short prices 86500 - 87200 if we get there and will only flip long on any 4 hour candle close above 87500. Longing entry zones remains 81k - 79k. Will only flip long and target final TP when 4 hour closes above 87500Note
Shorted 85700Trade active
Note
added to shorts. average entry now 86700 will cut position on clean break and close above 4HR 87500Note
Added to shorts when price hit 87700. No strong 4HR close above 87500 yet. Average short entry 87302. New downside target is at Friday's lows (84300)Trade closed manually
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.